12 May: The US and China announce a 90-day pause on "reciprocal" tariffs starting 14 May after holding trade talks in Switzerland. It will bring US tariffs on Chinese imports down from 145% to 30%, and Chinese tariffs on US goods will fall from 125% to 10%

Wall Street is set to open sharply higher after the US agreed to cut tariffs on Chinese goods to 30%, with China reducing its levies to 10%.

The United States and China announced that they have agreed to temporarily lower tariffs, after a weekend of marathon negotiations in Geneva, Switzerland. CNN’s Kristie Lu Stout breaks down what we know about the agreement.